Nev. Admin. Code § 361.1232

Current through June 11, 2024

Section 361.1232 - Contaminated property: Burden of proof; documentation required

1. The burden of proving that property has been contaminated and documenting the proof of contamination to support a possible reduction of the assessed value of the property lies with the owner of the property.

2. To verify the release of a hazardous substance on land or the permeation or incorporation into the construction of an improvement by a hazardous substance, the owner of the property must:

(a) Submit reliable, objective information, such as an engineering study, environmental audit, laboratory report or historical record, which proves to the satisfaction of the assessor that a hazardous substance has been released on the land or has permeated or been incorporated into the construction of an improvement;

(b) Show that the release, permeation or incorporation was reported to an appropriate governmental agency such as the National Response Center or the State Department of Conservation and Natural Resources; and

(c) Provide sufficient data to the assessor to indicate the status of a proposed or ongoing cleanup plan.

3. To document the proof of contamination to support a possible reduction of the assessed value of the property, the owner of the property must submit to the assessor:

(a) A list of available comparable sales of similarly contaminated property, if any;

(b) Any pertinent information concerning the cleanup of the hazardous substance; and

(c) Where there is an existing business operating on the contaminated site, records of income and expense necessary to allow the assessor to estimate the value of the real property, as if uncontaminated, by the income approach.

Nev. Admin. Code § 361.1232

Added to NAC by Tax Comm'n, eff. 7-16-92

NRS 360.090, 360.250, 361.227